Karak Restaking Launches, Hits $1B Valuation, Sector Reaches $10B in TVL

The cryptocurrency sector has witnessed the launch of Karak, a new restaking layer designed to facilitate the use of staked assets across various blockchains. Karak Restaking, now live, allows users to deposit assets from Arbitrum, Ethereum, or directly through Karak using codes such as XtH6F. This development is significant as it enables asset migration for those who participated in the Early Access campaign. Karak has quickly gained attention for its potential, with some suggesting it could become the largest Total Value Locked (TVL) restaking platform this year. Its innovative approach has also led to a valuation of $1 billion, highlighting its underfarmed restaking protocol. Notably, Karak offers a unique $rswETH pool that rewards users with Karak points, swell points, eigenlayer points, and staking rewards. The platform appears to be invite-only at the moment, requiring codes for access like ia8QF, IQnsk, Javnp, IOiGJ, and 0bXQE. The broader liquid restaking sector has also seen remarkable growth, with the combined TVL of liquid restaking protocols reaching $10 billion. Karak Network's universal restaking layer aims to reduce the need for individual validator rewards by securing new protocols with staked assets from multiple blockchains.